Becoming a Credit Controller

Published 24th November 2022

The objective of this blog is to supply you with the correct information to help you understand what a Credit Controller is and what their main responsibilities are, as well as answer frequently asked questions from candidates. 

The main responsibilities of a Credit Controller are:

  • Reviewing a customers credit and either approving or denying, it basing your decision on the industry standards
  • Discussing and negotiating payment plans 
  • Setting up terms and conditions for payment plans for clients
  • Liaising with Solicitors and Bailiffs 
  • Maintaining accurate records

The skills and qualifications expected from a Credit Controller are being able to comfortably communicate with debtors and company executives. A skill that isn’t necessary but welcomed is familiarity “with accounts receivable procedures and reconciliation of month-end accounts”. 

A Credit Controller that is likely to be successful and progress is likely to hold these skills and qualifications:

  • Excellent customer service
  • Staying calm in stressful situations
  • Good communication skills
  • Determination and resilience
  • Works well in a team and independently

Ideal candidates are likely to have experience in making successful credit decisions and have knowledge of recording and reporting financial transactions. A requirement that is likely to be wanted by an employee for the role of a Credit Controller is at least five years of experience. If you have a background in bookkeeping or accounting, an employer may consider you more, due to the experience gathered during that time.

Education

The education and training requirements needed for a Credit Controller position can include a “Level 3 Certificate or Diploma in Financial Studies”. After this, the usual step that is next is an apprenticeship as an Account, Finance Assistant, or as an advanced apprentice as a Credit Controller. 

Some companies note that further education isn’t necessary and that as long as candidates have past experience and training from other companies, 3-5 GCSEs with grades between 9 to 4, and understand the relevant software. This is usually when the job at hand supplies on-the-job training which is equivalent to a college course. 

With this said, having a degree in further education in business or finance is seen as a large advantage for candidates.

Salary Expectations

In the UK, the average salary is £22,527 per year. This is depending on the location, company, and experience needed for the position.

FAQs

Frequently asked questions from candidates applying for Credit Controller positions:

What is the difference between a Credit Controller and a Bookkeeper?

A Credit Controller and Bookkeeper have similar jobs, however, a Credit Controller does cover a broader scope of jobs. 

A Bookkeeper documents and tracks financial records for companies, with a large focus on payable and accounts receivable. Whereas, a Credit Controller tracks the credit of a company, using this information to analsye a company’s cash flow and determine how it could affect its operational costs.

Who does a Credit Controller report to?

This depends on the size of the company and if the position entails additional jobs. Within a small company, the Credit Controller may act as a Bookkeeper or Accountant who would directly speak with the manager or owner of the business. In a larger company, a Credit Controller is likely to report to a credit team, like a Credit Control Manager.

How can you make your Credit Controller job description stand out?

Make sure you’ve read through the job description and requirements, and ensure you ask questions in the interview to show your interest. Look at what the company wants and go beyond, and try to set yourself apart from the other candidates. 

Luke Bull

Managing Consultant

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If you’re looking for a role as a Credit Controller or a different position within the finance industry, head to the Macildowie Jobs Board we could have the perfect position for you.

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